Business
‘JAT posts stellar Q2 – doubles PBT and commences manufacturing in Bangladesh’
JAT Holdings PLC has posted exceptional financial performance for Q2 of FY 2022/23. During the Quarter, the Group also achieved a major milestone, delivering on its key IPO promise, by inaugurating its own end-to-end state-of-the art manufacturing facility in Bangladesh. Simultaneously, JAT Holdings PLC also recorded its highest-ever revenue for Q2 in history, doubling its profit before tax, compared with the corresponding period in the year prior.
Accordingly, JAT Holdings PLC noted a YTD revenue growth of 40% during the period, concurrently managing to increase gross profit margins amidst the most challenging economic environment in its history, clearly demonstrating the Group’s strategic and fiscal prowess.
Gross Profit margins grew during the period under review amidst a deepening economic crisis, material scarcity in global markets and foreign exchange outflow restrictions. The Group’s strategy of purchasing raw materials in bulk and maintaining adequate stocks for at least 6 months at all times, allowed the enterprise to benefit from economies of scale, while JAT Holdings’ prudent and effective waste management efforts helped to improve productivity and efficiency. As a result, operating profit also recorded a healthy growth of 111% during the period under review, supported by cost management efforts, which helped manage input cost inflation and foreign exchange volatility. Profit Before Tax (PBT) and Profit After Tax (PAT) also sustained their recovery momentum, while showing sharp rises in the quarter under review, contrasted with the corresponding period in the previous year.
Commenting on the business momentum, CEO Nishal Ferdinando said, “Supported by our new manufacturing facility in Bangladesh and expert manoeuvring in the Sri Lankan market amidst the toughest business environment we have endured to date, we are pleased to present rock solid financial performance to our investors, and exceptional value to all other stakeholders. Leveraging our excellent relationships with suppliers, we have secured raw materials and shored up our stocks to be able to meet upcoming seasonal demand. The capital raised at the IPO has enabled us to keep borrowing costs to a minimum amidst a tighter monetary environment, which has delivered a positive boost to our bottom line. We intend to move forward with the present momentum and continue to deliver exceptional performance during the remainder of FY 2022/23.”
The Group’s WHITE by JAT range of brilliant white paints grew rapidly, driven by a unique hybrid marketing strategy. Commencement of manufacturing in Bangladesh, coupled with the opening of JAT Holdings PLC’s R&D Centre, another fulfilment of an IPO pledge, helped to drive business momentum during the quarter
Discussing the Group’s strategy and future plans, Founder and Managing Director Aelian Gunawardene added, “Just over a year on from our IPO, I’m pleased to communicate to investors that we have fulfilled the pledges made in our prospectus. We have completed and commissioned our ultramodern end-to-end manufacturing and warehousing facility in Bangladesh, located strategically in close proximity to seaports and our key markets in that country, Dhaka and Chittagong. Our Research and Development Centre is now operational, staffed by teams of experts who will help us to engineer better, cleaner and more efficient products in the future. I am also very pleased to state that the Group as a whole has come together to look after our people amidst the present crises, providing relief allowances and other benefits to help cushion the blow. We are excited about the future and look forward to growing and defending our position as Sri Lanka’s market leader for wood coatings and an emerging giant in the region.”
Since its founding in 1993, JAT Holdings has established itself as a market leader in Sri Lanka for wood coatings and as one of the country’s most promising conglomerates. This is further attested to by accolades such as being ranked amongst Sri Lanka’s ‘Top 100 Most Respected Companies’ by LMD for four years consecutively and also ranking among the ‘Top 20 Conglomerate Brands’ by Brand Finance.
Business
GS1 Lanka drives Sri Lanka’s shift to 2D barcodes
GS1 Lanka marked its 10th Annual General Meeting with a focus on the next stage of product identification in Sri Lanka, as businesses prepare for the wider adoption of 2D barcodes and the growing demand for trusted product information.
Addressing the AGM, GS1 Lanka president Revan Fernando noted that GS1 has been giving Sri Lankan products a globally recognised identity for more than 30 years. He pointed to the shift from traditional barcodes to 2D barcodes as the next major step, particularly as consumers increasingly look beyond a product’s identity to information they can trust about its origin, ingredients, authenticity and use.
GS1 Sunrise 2027 is a global industry initiative aiming to transition retail checkout systems to read 2D barcodes such as QR codes and Data Matrix codes alongside traditional 1D UPC stripes by the end of 2027
Under its Sunrise 2027 initiative, GS1 Lanka is working with the retail and healthcare sectors to prepare businesses for the transition to 2D barcodes. Unlike a conventional barcode used at checkout, a GS1 QR code can also connect consumers to a wider range of product information and support traceability and product verification through GS1 standards.
Fernando also called on brands to get involved in the transition, noting that the change will require businesses to rethink how they use the limited space on product packaging and how they communicate with consumers. GS1 Lanka will also introduce a new retail information platform to help member brands provide richer product information and improve the presentation of their products to consumers.
GS1 Lanka CEO Alikie Perera said the organisation’s work is increasingly focused on helping Sri Lankan businesses keep pace with changes in global supply chains and consumer expectations. The next phase will place greater emphasis on 2D barcodes, GS1 Digital Link, traceability and digital product information, as businesses prepare for a more connected and information-rich marketplace.
At the local level, GS1 Lanka continued its awareness programmes for entrepreneurs, SMEs, manufacturers and exporters, covering product identification, barcode standards, traceability, supply chain efficiency and market access. The organisation has also seen growing adoption of GS1 Activate and Verified by GS1, with more than 5,500 member companies registered on the platforms and over 20,000 product records uploaded.
The AGM concluded with a recognition of the contribution of GS1 Lanka’s members, partners, Board and team, while setting the direction for the organisation’s continued work to bring global standards and new product identification technologies into wider use among Sri Lankan businesses.
Business
Sri Lanka must rethink plastics before waste crisis deepens, says OUSL Vice Chancellor
By Ifham Nizam
Sri Lanka’s plastic problem can no longer be treated simply as a waste-disposal issue, with the country facing mounting pressure on its coastal environment, fisheries, communities and public health, Vice Chancellor of The Open University of Sri Lanka Senior Professor P. M. C. Thilakerathne said.
The country must move beyond collecting and disposing of plastic waste and fundamentally rethink how plastics are designed, produced, consumed and recovered, Prof. Thilakerathne said, calling for a national shift towards a circular economy.
Addressing the 3rd International Conference on Plastics, Innovations and Environmental Sustainability, he said Sri Lanka’s experience, particularly the environmental fallout from the 2021 X-Press Pearl disaster, demonstrated why plastic pollution required urgent national attention.
The X-Press Pearl disaster resulted in large quantities of plastic pellets being released into Sri Lanka’s coastal waters, with impacts extending to marine biodiversity, fisheries and coastal livelihoods.
For an island nation whose economy and communities are closely connected to the sea, he said, plastic pollution could not be viewed as an environmental issue separate from national development.
” For Sri Lanka, these figures are not abstract,” Prof. Thilakerathne said, pointing to the global growth in plastic production and waste.
The world produces hundreds of millions of tonnes of plastics annually, while only a small proportion of plastic waste is recycled. A substantial amount ends up in landfills or is leaked, dumped or otherwise mismanaged.
The scale of the global problem has direct relevance to Sri Lanka, he said, because waste that is inadequately collected or managed can ultimately find its way into waterways and the ocean.
The Vice Chancellor said Sri Lanka therefore needed to strengthen not only waste collection and recycling but also the systems that determine what products enter the waste stream in the first place.
“Much of the waste problem is decided at the drawing board,” he said.
Products should be designed for reuse, recycling and disassembly, while businesses should be encouraged to adopt models based on refill, repair and reuse rather than continued dependence on single-use plastics.
He said Sri Lanka also had an opportunity to develop locally appropriate alternatives using renewable resources and agricultural residues.
The country’s coconut industry and other agricultural resources could support research into alternative materials, he said, but scientists must ensure that such substitutes were genuinely environmentally sustainable and did not simply shift the environmental burden elsewhere.
For Sri Lanka, the challenge is particularly important because plastic pollution intersects with several economic sectors.
Fishing communities depend directly on healthy marine ecosystems, while tourism depends heavily on the country’s beaches, coastal areas and natural environment.
Plastic pollution can therefore translate into economic and livelihood pressures in addition to its ecological consequences, Prof. Thilakerathne said.
He also warned that the problem extended beyond visible plastic waste.
Microplastics and nanoplastics have been detected in drinking water, food and air, while research into their potential effects on human health is continuing.
The longer-term public-health implications represented an important area for scientific research, he said.
Prof. Thilakerathne called for stronger cooperation between universities, government institutions, industry and local communities to develop solutions suited to Sri Lanka rather than relying solely on technologies or approaches developed elsewhere.
Universities, he said, had a responsibility to generate the evidence needed for national policy and to ensure that research reached the communities and industries expected to implement it.
This is where OUSL could make a particular contribution, given its nationwide network and large population of students, including working adults, teachers, professionals and learners from rural communities.
The university plans to strengthen environmental sustainability and circular-economy principles across its curriculum, expand professional education on waste management and sustainable materials, develop international research partnerships and improve sustainable practices within its own campuses and centres, he said.
Prof. Thilakerathne also called attention to the thousands of people who earn a living through informal waste collection and recycling.
Any national strategy, he said, must recognise the contribution of these workers and ensure that the transition towards a circular economy does not leave them economically vulnerable.
Sri Lanka has already introduced restrictions on a number of single-use plastic products, but the Vice Chancellor said regulations must be accompanied by enforcement, investment in recovery infrastructure, industry participation and changes in consumer behaviour.
At the international level, he said, Sri Lanka also needed to contribute actively to efforts to address plastic pollution, backed by credible national scientific research.
The global nature of the plastics trade and pollution meant that action by individual countries alone would not be sufficient.
The conference therefore provided an opportunity for Sri Lankan researchers to connect local environmental challenges with international research and technological developments, he said.
Addressing young researchers and students, Prof. Thilakerathne urged them to measure the value of their work not only by academic publications but also by its ability to produce practical change.
He encouraged researchers to work across disciplines, engage with policymakers and industry, and remain connected to communities affected by the problems they study.
“The most meaningful research is that which changes practice,” he said.
He said Sri Lanka’s plastic crisis ultimately required a change in the country’s approach to materials, consumption and waste.
“Our task is not to abandon the material that shaped the modern world but to make it compatible with the sustainable one,” Prof. Thilakerathne said.
Business
The internationally acclaimed play ‘Every Brilliant Thing’ comes to Sri Lanka
Prepare for a theatrical experience that brings people together and celebrates life. The Peterite Arts Foundation, in proud association with World Vision Lanka, announces the showing of an amateur production arranged with Casarotto Ramsay & Associates Ltd. Every Brilliant Thing, the acclaimed solo play by Duncan Macmillan and Jonny Donahoe. Directed by Theruni Indrapala, the play’s lead is played by former Peterite Mario de Soyza. This uplifting, interactive production will run at Kamatha Studio, BMICH, Colombo, from 05 to 08 November 2026.
Every Brilliant Thing tells a deeply moving yet joyful story. At seven, the narrator begins listing everything worth living for, from ‘ice cream’ and ‘things with stripes’ to ‘rollercoasters’, hoping to help his mother through depression. Over time, the list grows to more than a million entries and becomes a lifelong source of comfort for the narrator.
What began as a short monologue in 2006 has grown into a global phenomenon, performed in more than 80 countries across five continents. Its hopeful message has reached audiences in extraordinary settings, including aboard the USS George H.W. Bush aircraft carrier. The play has also been translated into 44 languages, including Arabic and Greek, with a special Chinese adaptation titled Every Brilliant Little Thing.
The play’s need for emotional intelligence, openness and a strong connection with the audience attracted a distinguished line-up of performers. Following a successful West End run featuring Sue Perkins and Minnie Driver, the play made its Broadway debut at the Hudson Theatre, where it ran from 21 February to 9 August 2026. Tony Award winner Daniel Radcliffe opened the Broadway production, receiving critical acclaim and a Tony nomination for Best Lead Actor in a Play. Law & Order: SVU icon Mariska Hargitay then made her official Broadway debut in the role, followed by Golden Globe winner Tracee Ellis Ross, who closed the run.
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